ESG投资能否“义利并举”?  

Can ESG Investing be done"Righteously and Profitability"?

作　　者：王子琳 魏亦希 程杰 WANG Zilin;WEI Yixi;CHENG Jie(E Fund Management Co.,Ltd.)

机构地区：[1]易方达基金管理有限公司

出　　处：《金融市场研究》2024年第5期28-37,共10页Financial Market Research

摘　　要：在投资中考虑ESG因素,可以帮助投资者从非财务方面全方位地了解企业,筛选出优质的投资标的。从估值的角度来看,ESG绩优的公司在市场竞争中往往会展现出优势与韧性,不仅拥有更强的盈利能力和稳健的现金流,而且非系统性风险和系统性风险暴露水平也更低。因此,它们在资本市场上能够获得更高的估值。本研究使用了中证评级数据和企业基本面数据进行分析,证明基于ESG评级结果可以筛选出波动较小且营利性较强的个股,此外,环境(E)、社会责任(S)和公司治理(G)因子也具有一定的选股能力,其中环境因子的选股胜率较高。Considering ESG factors in investment can help investors understand companies from non-financial aspects and uncover high-quality investment targets.From the perspective of valuation,companies with a strong ESG(environment,social responsibility and corporate governance)performance tend to show competitive advantages and market resilience.They not only have stronger profitability and stable cash flow,but also have lower exposure to systemic and non-systemic risks.As a result,they can obtain higher valuations in the capital market.This study utilized data from CSI Ratings and fundamental enterprise data to demonstrate that selecting stocks based on ESG ratings can identify listed companies with less volatility and greater profitability.While ESG factors all have certain stock picking ability,the environmental factor exhibits a higher stock selection success rate.

关 键 词：ESG投资 估值 选股能力 

分 类 号：F83[经济管理—金融学]